Wabash National Beneish M-Score Historical Data
The historical data trend for Wabash National's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Wabash National Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-3.28 |
-1.87 |
-2.25 |
-3.20 |
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Wabash National Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.25 |
-2.88 |
-2.54 |
-2.84 |
-3.20 |
Competitive Comparison
For the Farm & Heavy Construction Machinery subindustry, Wabash National's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Wabash National Beneish M-Score Distribution
For the Farm & Heavy Construction Machinery industry and Industrials sector, Wabash National's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wabash National's Beneish M-Score falls into.
Wabash National Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Wabash National for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.7451 | + | 0.528 * 0.6566 | + | 0.404 * 0.9253 | + | 0.892 * 1.0137 | + | 0.115 * 1.208 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.219 | + | 4.679 * -0.06656 | - | 0.327 * 0.8895 |
| = | -3.20 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $195 Mil.
Revenue was 596.1 + 632.828 + 686.62 + 620.952 = $2,537 Mil.
Gross Profit was 108.223 + 122.91 + 151.027 + 116.027 = $498 Mil.
Total Current Assets was $681 Mil.
Total Assets was $1,363 Mil.
Property, Plant and Equipment(Net PPE) was $325 Mil.
Depreciation, Depletion and Amortization(DDA) was $45 Mil.
Selling, General, & Admin. Expense(SGA) was $173 Mil.
Total Current Liabilities was $352 Mil.
Long-Term Debt & Capital Lease Obligation was $396 Mil.
Net Income was 50.382 + 55.329 + 74.328 + 51.213 = $231 Mil.
Non Operating Income was 0.798 + 0.697 + 0.473 + 0.387 = $2 Mil.
Cash Flow from Operations was 115.008 + 58.267 + 76.847 + 69.484 = $320 Mil.
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Total Receivables was $258 Mil.
Revenue was 657.449 + 655.15 + 642.769 + 546.761 = $2,502 Mil.
Gross Profit was 94.597 + 92.005 + 78.034 + 58.055 = $323 Mil.
Total Current Assets was $593 Mil.
Total Assets was $1,204 Mil.
Property, Plant and Equipment(Net PPE) was $271 Mil.
Depreciation, Depletion and Amortization(DDA) was $47 Mil.
Selling, General, & Admin. Expense(SGA) was $140 Mil.
Total Current Liabilities was $347 Mil.
Long-Term Debt & Capital Lease Obligation was $396 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (194.83 / 2536.5) | / | (257.935 / 2502.129) |
| = | 0.076811 | / | 0.103086 |
| | = | 0.7451 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (322.691 / 2502.129) | / | (498.187 / 2536.5) |
| = | 0.128967 | / | 0.196407 |
| | = | 0.6566 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (681.353 + 325.444) / 1362.814) | / | (1 - (592.619 + 271.116) / 1203.523) |
| = | 0.261237 | / | 0.282328 |
| | = | 0.9253 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 2536.5 | / | 2502.129 |
| | = | 1.0137 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (46.969 / (46.969 + 271.116)) | / | (45.32 / (45.32 + 325.444)) |
| = | 0.147662 | / | 0.122234 |
| | = | 1.208 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (173.19 / 2536.5) | / | (140.153 / 2502.129) |
| = | 0.068279 | / | 0.056013 |
| | = | 1.219 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((396.465 + 352.209) / 1362.814) | / | ((395.818 + 347.468) / 1203.523) |
| = | 0.549359 | / | 0.617592 |
| | = | 0.8895 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (231.252 - 2.355 | - | 319.606) | / | 1362.814 |
| | = | -0.06656 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Wabash National has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.
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